Can I retire at age 61 with 588,000?

Use the below retirement simulation to view the chances of a successful retirement.
About Your Retirement ?
Current Age
Retirement Age
Current Savings $
Annual Deposits $
Annual Withdrawals $
Stock market crash:
Portfolio ?
% in Stocks:
% in Bonds:
% in Cash:
Modify Stock Returns:
0%
Modify Bond Returns:
0%
Modify Cash Returns:
0%
Modify Inflation:
0%
How much money do I need to retire?

This retirement calculator runs simulations based on past data from the S&P 500, 10 Year Treasury Bond, 3 month T-Bill, and US inflation. For each year of each simulation, a random return and inflation amount is chosen.

How to use: Enter your current age and the age when you retire. Then enter your current savings, the amount that you can save annually before you retire, and the amount that you plan to withdraw after retirement. Your annual deposits and withdrawals take inflation into account. For example, if you need $50,000 to live on in retirement using today's dollars, we will automatically take into account the cost of living for your retirement years. The same is true for your annual deposits. Next, decide if you'd like to simulate a stock market crash.

In the portfolio section, choose the makeup of your portfolio with stocks, bonds, and cash. Cash assumes that your money is stored in a savings account. You can then alter the future returns and inflation. For example, if the market has historically returned about 10%, but you think the future will be worse, modify the stock returns by -3%, and the future returns will average out to 7%. Investment fees can also lower stock market returns. Many index funds and ETFs offer extremely low fees and expenses.

Many people receive income in retirement, such as social security, pension plans, part time jobs, annuities, and other benefits. This would allow you to take out smaller distributions every year. Please note that taxes must also be considered, but are not used in this simulation. A 401k, Roth IRA, and Traditional IRA are taxed differently than a standard investment account, as are dividends.

Note: This assumes that the future is at least somewhat like the past. In reality, anything could happen. The Soviet Union collapsed, Japan's Nikkei Index is still well below its 1989 peak. Numerous other markets have changed drastically and never recovered. However, this online tool is helpful in retirement planning and estimating how much you might need for retirement, especially those hoping to retire early. We recommend receiving advice from a financial planner.

Want to retire with $588,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%16.8%
1 years$48,556$48,124$47,702$47,290$46,888$45,588
2 years$24,038$23,590$23,156$22,736$22,328$21,028
3 years$15,866$15,416$14,984$14,567$14,166$12,906
4 years$11,781$11,333$10,904$10,495$10,103$8,894
5 years$9,331$8,885$8,462$8,061$7,680$6,525
6 years$7,697$7,255$6,839$6,446$6,077$4,977
7 years$6,531$6,093$5,683$5,300$4,942$3,897
8 years$5,657$5,223$4,820$4,446$4,100$3,109
9 years$4,978$4,547$4,151$3,787$3,453$2,515
10 years$4,434$4,008$3,619$3,264$2,942$2,056
11 years$3,990$3,568$3,186$2,841$2,530$1,695
12 years$3,620$3,203$2,828$2,492$2,193$1,406
13 years$3,308$2,894$2,526$2,200$1,912$1,173
14 years$3,040$2,631$2,270$1,953$1,676$983
15 years$2,808$2,403$2,049$1,742$1,476$826
16 years$2,605$2,205$1,858$1,559$1,304$696
17 years$2,426$2,031$1,691$1,401$1,156$589
18 years$2,268$1,877$1,543$1,263$1,028$498
19 years$2,126$1,739$1,413$1,141$917$423
20 years$1,998$1,616$1,297$1,033$819$359
21 years$1,883$1,505$1,193$938$733$305
22 years$1,779$1,405$1,099$853$657$260
23 years$1,683$1,314$1,015$777$589$221
24 years$1,596$1,231$939$708$530$189
25 years$1,516$1,156$869$647$477$161
26 years$1,442$1,086$806$591$429$138
27 years$1,374$1,022$749$541$387$117
28 years$1,311$963$696$496$349$100
29 years$1,252$909$648$455$315$86
30 years$1,197$858$603$417$285$73
31 years$1,146$811$563$383$258$63
32 years$1,098$768$525$352$233$54
33 years$1,053$727$490$324$211$46
34 years$1,011$689$458$298$191$39
35 years$971$653$428$274$173$34
36 years$934$620$400$253$157$29
37 years$899$589$375$233$142$25
38 years$865$560$351$215$129$21
39 years$834$532$329$198$117$18
40 years$804$506$308$183$106$15
41 years$776$482$289$168$96$13
42 years$749$459$271$155$87$11
43 years$723$437$254$143$79$10
44 years$699$417$239$132$72$8
45 years$675$398$224$122$65$7
46 years$653$379$211$113$59$6
47 years$632$362$198$104$54$5
48 years$612$346$186$96$49$4
49 years$593$330$175$89$44$4
50 years$574$315$164$82$40$3

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 61 starting with $588,000, adding $6,868 every year, while hoping to spend $42,528 every year in retirement. These numbers increase with inflation.
Reality usually performs much different than the expected returns. This uses historical averages, but anything can happen. In general, riskier investments have greater returns on average, but more volatility in the short term.
Age Total: 100% Stocks Total: 100% Bonds Total: 100% Cash Total: 40/37/23 Blend
60$588,000$588,000$588,000$588,000
61$655,060$623,896$614,782$676,568
62$676,627$609,218$590,128$678,004
63$698,968$592,395$563,223$675,022
64$722,118$573,277$533,945$670,945
65$746,112$551,706$502,171$665,698
66$770,990$527,513$467,768$659,200
67$796,791$500,522$430,598$651,369
68$823,560$470,544$390,519$642,117
69$851,342$437,379$347,381$631,352
70$880,187$400,819$301,026$618,976
71$910,147$360,640$251,292$604,888
72$941,279$316,609$198,007$588,980
73$973,643$268,476$140,994$571,142
74$1,007,303$215,980$80,066$551,254
75$1,042,329$158,844$15,029$529,195
76$1,078,794$96,774$0$504,836
77$1,116,778$29,463$0$491,385
78$1,156,366$0$0$480,161
79$1,197,652$0$0$485,055
80$1,240,734$0$0$502,695
81$1,285,719$0$0$521,131
82$1,332,723$0$0$540,414
83$1,381,871$0$0$560,596
84$1,433,299$0$0$581,737
85$1,487,152$0$0$603,898
86$1,543,589$0$0$627,149
87$1,602,783$0$0$651,564
88$1,664,919$0$0$677,223
89$1,730,201$0$0$704,214
90$1,798,848$0$0$732,632
91$1,871,101$0$0$762,582
92$1,947,220$0$0$794,175
93$2,027,488$0$0$827,537
94$2,112,217$0$0$862,800
95$2,201,742$0$0$900,113
96$2,296,432$0$0$939,634
97$2,396,689$0$0$981,539
98$2,502,952$0$0$1,026,020
99$2,615,700$0$0$1,073,285
100$2,735,459$0$0$1,123,564